Intraday Lead-Lag Relationships Between the Futures-, Options and Stock Market

In rational, efficiently functioning and complete markets, returnson derivative and underlying securities should be perfectlycontemporaneously correlated. Due to market imperfections, oneof these markets may reflect information faster. The use ofhigh-frequency data and the choice for a small unit time intervalto measure these lead-lag relations comes at the cost of someor many missing observations, causing traditional estimatorsto either under- or overestimate covariances and correlations.We use a new estimator to estimate lead-lag relationships betweenthe cash AEX index, options and futures. We find that futuresreturns lead both options and cash index returns by approximately10 minutes. The relationship between options and the cash marketis not completely unidirectional. JEL Classification: G13, G14     

现代畜牧企业社会责任初探

本文主要探讨了现代畜牧企业社会责任内容以及当前我国畜牧企业社会责任存在的问题及原因。对于如何提升畜牧企业社会责任,本人认为主要从政府、社会层面、企业层面和行业层面来提升现代畜牧企业的社会责任。     

能源开发引起环境工程地质问题与可持续发展

我国的能源发展战略一直是人们关注的关键问题 ,也是我国可持续发展总体战略中的一个关键性行业。分析了我国能源开发引起的环境工程地质问题及发展趋势 ,研究了我国能源工业可持续发展面临的基本问题 ,并提出了能源工业可持续发展的具体方略。     

Trends in the development of information technology and their effects on the production structure in Europe

In this paper, the authors have made an attempt to build a scenario of how technology can have an impact on the Production structure i n Europe, and how these changes will effect the international division of labour. The authors start from the premise that the applications of new product and process technologies are leading to stepwise changes in production structures. They borrow from economic and managerial theories, present a number of scenarios for two types of technologies (biotechnology and information technology). From these scenarios some implications are proposed.     

Trajectories of Internationalization: Knowledge and National Business Styles in the Making of Two Dutch Publishing Multinationals, 1950-1990

The internationalization of business is the subject of an extensivetheoretical literature as well as a growing number of historicalstudies. Historians have paid relatively little attention tothe development of multinationals in the service sector, andstudies about international publishing are especially scarce.This article discusses the early internationalization of twoDutch publishing firms, Kluwer (now Wolters Kluwer) and Elsevier(now Reed Elsevier) and confronts these case histories withthe evolutionary theory of internationalization. The Dutch casesunderline the important role of experience, knowledge and learningas well as of the national context in which companies develop.They also show that these factors allow for very different trajectoriesof internationalization within the same branch of business andthe same country.